July 31, 2024
New Delhi, India
Chetana Education made a notable debut on the NSE SME today, with its share price opening at ₹98.90, reflecting a 16.35% premium over the issue price of ₹85.
Key Highlights:
- Opening Price: The stock opened at ₹98.90, a significant 16.35% higher than its issue price.
- IPO Subscription: The Chetana Education IPO saw a subscription status of 196.87 times on the final day of bidding, indicating strong investor interest.
IPO Details:
- Subscription Period: The subscription period for the IPO started on July 24 and ended on July 26.
- Issue Price and Lot Size: Each share was priced between ₹80 and ₹85, with a face value of ₹10. Bids were accepted in multiples of 1600 shares.
- Investor Allocation: The IPO comprised 50% of the net issue for Qualified Institutional Buyers (QIB), 35% for retail investors, and 15% for the Non-Institutional Investor (NII) segment.
Financial Performance:
- Profit and Revenue: For the fiscal year 2024, Chetana Education reported a profit after taxes of ₹12.03 crore and a stand-alone income from operations of ₹93.50 crore.
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IPO Valuation and Use of Proceeds:
- Total Valuation: The IPO was valued at ₹45.90 crore, including a fresh issuance of 5,400,000 equity shares with a face value of ₹10 each. There was no “offer for sale” component in this IPO.
- Use of Proceeds: The funds raised will be utilized for the company’s overall goals, working capital needs, and to repay or prepay certain outstanding debts.
Management and Market Making:
- Lead Manager and Registrar: Hem Securities Limited served as the book running lead manager, while Link Intime India Private Ltd acted as the registrar for the IPO. Hem Finlease is the market maker for Chetana Education’s IPO.
Chetana Education’s strong debut on the NSE SME is a testament to the robust demand and investor confidence in the company’s growth prospects. With significant oversubscription and a premium opening price, the IPO marks a successful entry into the public market for the education company.
Chetana Education shares were trading at 103.80 up 18.80 (22.12%) at 12:52 P.M today.
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